@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

I would thank him for his feedback and share that you made a business decision that is mutually beneficial (https://www.avail.co/education/articles/should-you-collect-r...scroll down towards the bottom of the page to see the comparison) which includes providing the tenant with a receipt and rent reminders.  

Any advice or recommendations on where to purchase a long term property for rent are appreciated!

I can build a 4-plex, four two story units side by side, with a total of about 5000sf for about $1m, land included.

This is a fine example of where to research out of state investments as the housing prices to purchase are still reasonable and low (not like California where I am and entry level house SFR is a million dollars). 

While losses help offset taxes, not being able to count that income towards the mortgage can hurt you when purchasing something new. 

If your mother does not want to carry the note long term, there are GSE renovation loans that can be used for both purchase, rehab, and permanent financing all in one loan.

I've not yet invested in my first property, but I plan to purchase my first one by the end of 2023.

The rule of thumb for me used to be that the property needs to be able to do 20% of the purchase price in gross rental income.

Double close: You do actually purchase a property and then sell it the same day to another buyer.